Key points second quarter 2010
- Revenue up 16% to € 3,468 million
- Organic growth1 per working day amounted to 13%; improving from 11% in April to 15% in June
- Underlying2 gross profit3 reached € 649 million (+9%) with the gross margin coming down from 20.0% to 18.7%
- Underlying operating expenses of € 529 million; flat YoY or +6% QoQ (of which +2% caused by currencies)
- Underlying EBITA4 amounted to € 119.7 million (+79%); the EBITA margin reached 3.5% (vs. 2.2% in Q2 2009)
- Adjusted net income5 attributable to holders of ordinary shares € 77.2 million; diluted EPS6 € 0.45 (vs. € 0.27)
- Based on current trends we expect to be able to pay dividend over 2010
"Growth has continued to accelerate through the quarter" says Ben Noteboom, CEO Randstad Holding. "It is great to see that by the end of this quarter we employed around seventy thousand candidates more than in the same week a year ago. Across all countries our people are doing a great job coping with big jumps in industrial placements, enabling our clients to step up capacity. We now also see corresponding recoveries in administrative and professionals segments. Some key economies like the USA, Germany and France are clearly growing and our businesses in these countries are taking the lead in stimulating our growth. Similar patterns are emerging now elsewhere in Europe and Asia Pacific. The late cyclical Dutch market traditionally lags a little, but the trends are positive here as well. With productivity at the highest level since 6 quarters, we face the future with increasing confidence. Based on current trends we expect to be able to pay dividend over 2010."